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Botanix Labs

Steady2 stories2 sourcesLast updated: 4h ago

Related TopicsBitcoin DeFi blockchain cryptocurrency BTCFi Layer 2 Layer-2 network decentralized finance

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Bitcoin-Native DeFi Project Botanix Labs to Shut Down Due to Lack of Demand

Tech·4h agoAI summary

Bitcoin-Native DeFi Project Botanix Labs to Shut Down Due to Lack of Demand

Botanix Labs is winding down its Bitcoin Layer 2 project, Botanix, citing insufficient demand for Bitcoin-native DeFi. Despite a year of 100% uptime and millions of transactions, the project failed to attract enough users, highlighting a distribution challenge for native Bitcoin rails.

Botanix Labs to Shut Down Bitcoin Layer-2 Network After Four Years

Tech·6d agoAI summary

Botanix Labs to Shut Down Bitcoin Layer-2 Network After Four Years

Botanix Labs announced it will shut down its Bitcoin Layer-2 network in about four years, citing a lack of demand for decentralized finance (DeFi) on Bitcoin. Despite no hacks and millions in assets, the economic model failed to sustain itself.